3 sources·Business

Spirit Airlines Faces Bankruptcy After Failed Merger Attempts and Mountain of Debt

Spirit Airlines is in talks with bondholders to restructure debt amidst potential bankruptcy threats following a collapsed merger with Frontier Airlines.

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Updated: Nov 13th, 2024, 12:31 PM ET

Summary

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Spirit Airlines is potentially facing bankruptcy following unsuccessful merger attempts with JetBlue and Frontier Airlines. The airline is in talks for a debt restructuring deal and has seen significant declines in its stock price. With a costly operational environment and rising competition from larger airlines, Spirit has incurred losses exceeding $2.5 billion since 2020. Plans are in place to sell 23 aircraft, aiming to enhance liquidity, but the company remains cautious about its future as it navigates considerable debts due in the near term.

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Spirit Airlines Faces Bankruptcy After Failed Merger Attempts and Mountain of Debt - Pano News